In dieser Arbeit werden die Stellung und die Entwicklungsperspektive des Yen als internationale Währung untersucht. Die empirische Studie beleuchtet die Zielsetzung der japanischen Währungs-, Geld- und Handelspolitik in den verschiedenen Zeitabschnitten seit 1973. Der Willensbildungsprozeß...

This paper examines the interdependence and coordination of monetary and exchange rate policies among the G-3 countries over the period 1977 through 1993. The results in the paper suggest that the international monetary transmission mechanism is important and that, among the G-3, U.S. policies...

A vast literature on the effects of sterilized intervention by the monetary authorities in the foreign exchange markets concludes that intervention systematically moves the spot exchange rate only if it is publicly announced, coordinated across countries, and consistent with the underlying...

This paper examines the impact of U.S. monetary policy shocks on the cross exchange rates of sterling, yen and mark. The main finding of the paper is a ‘delayed overshooting’ pattern for all currency cross rates examined (sterling/yen, yen/mark and mark/sterling) following an unexpected U.S....